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2020 Budget: FG Earmarks N1.4tr to Settle AMCON, Local Contractors, Others

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2020 Budget: FG Earmarks N1.4tr to Settle AMCON, Local Contractors, Others

2020  Budget: FG  Earmarks N1.4tr to Settle AMCON, Local Contractors, Others
October 13
07:31 2019

The Federal Government plans to spend  a substantial part of the N1,400,917,225,213 SERVICE WIDE VOTE allocation to settle outstanding liabilities to Asset Management Corporation of Nigeria (AMCON), local contractors and former leaders next year.

It also intends to  pay out N11,686,446,809 as allowances and entitlements comprising “N2,300,000,000 to former presidents/heads of state and vice presidents/chiefs of General Staff; N4,502,491,809 as benefits to retired heads of service and permanent secretaries; N1,000,000,000 as severance benefit to retired heads of government agencies/parastatals and another N3,883,955,000 as additional retirement benefits for Chiefs of Defence Staff (CDS), Service Chiefs,Generals,Colonels and AWO”

Refund AMCON is estimated at  N26,901,762,500 while  Budget Allocations Not Classified but captured as Consolidated Revenue Fund (CRF) charges and capital supplementation will gulp N10,500,000,000.

The PRESIDENTIAL ENABLING BUSINESS ENVIRONMENT COUNCIL (PEBEC) will receive  N500,000,000 next year and the Bank of Industry N10billion grant “TO SUPPORT LOW INTEREST LENDINGS TO SMEs.”

N15b is for PAYMENT OF LOCAL CONTRACTORS’ and N4b for  FUNDING OF GALAXY INFRASTRUCTURE.

The PRESIDENTIAL AMNESTY PROGRAMME, particularly the REINTEGRATION OF TRANSFORMED EX-MILLITANTS will gulp N65,000,000,000 and unspecified CONTINGENCY will receive N20,000,000,000

MILITARY OPERATIONs, LAFIYA DOLE & OTHER OPERATIONS OF THE ARMED FORCES will get N100,000,000,000 in 2020 and N2,000,000,000 will be spent on the operation of Treasury Single Account (TSA). The government has budgeted N5 billion for the SETTLEMENT OF MDAs.
After the mop up verification exercise of 500 ex-workers of the former Nigeria Airways, who were not audited during the last exercise the federal government has set aside N16,566,787,166 to settle the remaining ex staff of the defunct national airline. In addition, another N10 billion has been earmarked as funds designated to protect pension in the country.

N22,734,412,586 has been earmarked for GAVI/IMMUNISATION; N20,000,000,000 for UNIVERSITY REVITALISATION; N500,000,000 for ESTABLISHMENT OF PENSION BOARD FOR NATIONAL INTELLIGENCE AGENCY (NIA); N30,000,000,000 for GRANTS AND CONTRIBUTIONS another N30,000,000,000 as contributions to international organizations.

N1.5billion has been budgeted for the FEDERAL MINISTRY FINANCE, BUDGET AND NATIONAL PLANNING (INFRASTRUCTURE MASTER PLAN)  and N100 billlion for ZONAL INTERVENTION PROJECTS.

N15billion will be released for the “RECAPITALISATION OF DEVELOPMENT FINANCE INSTITUTION (DFI).”

Only a few months ago, the Development Bank of Nigeria (DBN) announced that it would approach the federal government and other institutional investors to fund its recapitalization efforts. The bank also hinted that government’s holdings in the bank would be reduced.

The SPECIAL INTERVENTION PROGRAMMES/PROJECTS will get N30,000,000,000; the HEAD OF SERVICE (FEDERAL GOVERNMNT STAFF HOUSING LOANS BOARD) N2,500,000,000; Capital CONTINGENCY N10,000,000,000.

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Mujeeb

Mujeeb

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